Letson Investment Management Inc. Acquires New Position in Eli Lilly and Company $LLY

Letson Investment Management Inc. purchased a new position in shares of Eli Lilly and Company (NYSE:LLY) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 774 shares of the company’s stock, valued at approximately $896,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in Eli Lilly and Company by 1.6% in the second quarter. BlackRock Inc. now owns 67,540,400 shares of the company’s stock valued at $81,009,981,000 after acquiring an additional 1,046,558 shares during the period. State Street Corp boosted its position in Eli Lilly and Company by 1.7% in the 2nd quarter. State Street Corp now owns 36,215,754 shares of the company’s stock worth $43,438,262,000 after purchasing an additional 605,752 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of Eli Lilly and Company during the 2nd quarter worth approximately $13,522,666,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Eli Lilly and Company by 1.9% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,209,385 shares of the company’s stock worth $8,647,153,000 after purchasing an additional 137,364 shares during the period. Finally, Jennison Associates LLC increased its holdings in shares of Eli Lilly and Company by 7.9% during the 2nd quarter. Jennison Associates LLC now owns 5,461,416 shares of the company’s stock valued at $6,550,587,000 after purchasing an additional 400,538 shares in the last quarter. 82.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

LLY has been the subject of a number of recent analyst reports. UBS Group lifted their price objective on shares of Eli Lilly and Company from $1,425.00 to $1,625.00 and gave the company a “buy” rating in a report on Friday, October 30th. JPMorgan Chase & Co. lifted their price target on Eli Lilly and Company from $1,500.00 to $1,650.00 and gave the company an “overweight” rating in a research note on Friday, October 30th. Truist Financial reaffirmed a “buy” rating and issued a $1,612.00 price target (up from $1,376.00) on shares of Eli Lilly and Company in a report on Friday, October 30th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $1,650.00 price target on shares of Eli Lilly and Company in a report on Friday, October 30th. Finally, Bank of America reiterated a “buy” rating and set a $1,497.00 price target on shares of Eli Lilly and Company in a research report on Friday, October 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Eli Lilly and Company currently has an average rating of “Moderate Buy” and a consensus price target of $1,416.64.

Eli Lilly and Company Trading Up 1.5%

Shares of Eli Lilly and Company stock opened at $1,432.60 on Wednesday. The firm has a market capitalization of $1.35 trillion, a PE ratio of 46.50, a P/E/G ratio of 1.69 and a beta of 0.40. Eli Lilly and Company has a twelve month low of $850.51 and a twelve month high of $1,453.00. The firm’s 50-day moving average price is $1,225.57 and its 200 day moving average price is $1,104.56. The company has a current ratio of 1.39, a quick ratio of 1.00 and a debt-to-equity ratio of 1.17.

Eli Lilly and Company (NYSE:LLY) last announced its quarterly earnings data on Thursday, October 29th. The company reported $7.48 earnings per share for the quarter, beating analysts’ consensus estimates of $5.71 by $1.77. The company had revenue of $24.40 billion for the quarter, compared to analyst estimates of $22.58 billion. Eli Lilly and Company had a return on equity of 86.76% and a net margin of 31.90%. The firm’s revenue for the quarter was up 38.6% on a year-over-year basis. During the same quarter last year, the firm posted $7.02 EPS. On average, sell-side analysts predict that Eli Lilly and Company will post 35.70 EPS for the current fiscal year.

Eli Lilly and Company Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Friday, November 13th will be paid a $1.73 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $6.92 annualized dividend and a dividend yield of 0.5%. Eli Lilly and Company’s dividend payout ratio is 22.46%.

Trending Headlines about Eli Lilly and Company

Here are the key news stories impacting Eli Lilly and Company this week:

• Positive Sentiment: Foundayo met the primary endpoint in a Phase 3 trial for obstructive sleep apnea, reducing breathing interruptions by up to an average of 44%. Lilly plans to seek FDA approval for the additional use by year-end, which could broaden the pill’s commercial opportunity beyond weight loss. Reuters article
• Positive Sentiment: Jefferies raised its price target to $1,700 and maintained a Buy rating, signaling continued analyst confidence in Lilly’s prospects. Jefferies price target
• Positive Sentiment: Lilly’s agreement with Hims & Hers and a similar arrangement with LifeMD expands digital access to its branded obesity medicines, including Zepbound and Foundayo. Hims’ share-price decline following its own disappointing results appears company-specific; coverage reported Lilly holding steady. Yahoo Finance article
• Negative Sentiment: The FDA is requiring GLP-1 drugmakers to add warnings about a possible increased risk of NAION, a rare eye condition that can cause sudden, potentially permanent vision loss. The class-wide warning could raise safety concerns for patients and investors, though the condition is rare. CNBC article

Insider Activity at Eli Lilly and Company

In other Eli Lilly and Company news, EVP Anat Hakim sold 5,000 shares of Eli Lilly and Company stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $1,402.52, for a total value of $7,012,600.00. Following the sale, the executive vice president owned 4,137 shares in the company, valued at $5,802,225.24. The trade was a 54.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Patrik Jonsson sold 6,500 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $1,175.10, for a total transaction of $7,638,150.00. Following the transaction, the executive vice president directly owned 54,147 shares of the company’s stock, valued at approximately $63,628,139.70. This trade represents a 10.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.14% of the company’s stock.

Eli Lilly and Company Company Profile

Eli Lilly and Company is a global pharmaceutical company that discovers, develops, manufactures and markets medicines for people and animals. Its work spans areas including diabetes and obesity, cancer, immunology, neuroscience and pain management. The company’s medicines include treatments for diabetes and obesity, such as Mounjaro and Zepbound, as well as products for cancer and other conditions. Lilly also conducts research into new medicines and invests in the development of treatments across its therapeutic areas.